LONDON--W&G Investments PLC (WGI.LN), said Friday that The
Royal Bank of Scotland Group PLC (RBS.LN), has conclusively
terminated discussions with the Company in respect of the potential
acquisition of certain assets and liabilities relating to the
Rainbow branches, following the submission of an updated
proposal.
MAIN FACTS:
-Now intends to return the remaining cash in W&G Investments
to investors with the minimum of delay. The Company estimates this
to be GBP10 million.
-In the admission document, W&G Investments stated that if,
within 6 months of admission, for any reason the Company chose not
or was not in a position to pursue the potential acquisition, the
Company intended to return any remaining cash (after payment of all
of its expenses) to its shareholders by the most efficient route,
seek cancellation of the Ordinary Shares from AIM and apply for a
voluntary members' liquidation.
-As the Company is no longer pursuing the potential acquisition,
trading in its shares on AIM will shortly commence.
-Earlier Friday RBS said it has agreed a GBP600 million pre-IPO
investment in its Williams & Glyn's business (formerly known as
Project Rainbow), which centers around 314 branches in the U.K. -
with a consortium of investors led by global financial services
specialists Corsair Capital and Centerbridge Partners.
-Write to Razak Musah Baba at razak.baba@wsj.com
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